INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

	Year Ended December 31,
	2023		2022		2021
Current tax:
Federal	$	—	$	74	$	—
State	683		1,356		6,235
Total current tax	683		1,430		6,235
Deferred tax:
Federal	—		(18,532)		11,218
State	—		11		(1,690)
Total deferred tax	—		(18,521)		9,528
Total income tax expense (benefit)	$	683	$	(17,091)	$	15,763

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the U.S. statutory tax rate and the Company’s effective tax is presented as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
U.S. federal statutory income tax (benefit) expense applied to loss before income taxes	$	(51,619)	$	(454,316)	$	13,246
State income taxes, net of federal benefit	12,325		(31,667)		3,591
Stock compensation	16,578		4,789		141
Non-deductible interest	11,659		11,366		5,310
Fair value adjustment - convertible notes	—		(10,942)		3,370
Reorganization costs	40,572		—		—
Non-deductible expenses	—		288		(702)
Valuation allowance	(29,195)		241,892		(9,180)
Goodwill impairment	—		221,499		—
Other permanent items	363		—		(13)
Total income tax expense (benefit)	$	683	$	(17,091)	$	15,763

Schedule of Deferred Tax Assets and Liabilities

The Company’s deferred tax assets and liabilities are detailed as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Deferred tax assets:
Net operating loss carryforward	$	73,272	$	79,729	$	29,837
Capital loss carryforward	50,313		52,765		—
Deferred interest carryforward	18,438		11,289		—
Research tax credit carryforward	483		404		404
Reserves and accruals	2,440		4,248		148
Stock-based compensation	17,614		16,917		15,190
Unrealized capital loss	—		—		—
Property, plant and equipment, net	53,334		75,349		—
Digital asset impairment loss	6		—		8,368
Debt extinguishment loss	2,446		2,561		2,558
Intangibles (other than goodwill)	2,660		2,301		2,270
Leases	2,099		7,062		5,231
Capitalized research and development expenses	4,226		801		—
Other	6		169		3
Gross deferred tax assets	227,337		253,595		64,009
Valuation allowance	(219,515)		(248,710)		(6,781)
Deferred tax assets, net of valuation allowance	7,822		4,885		57,228
Deferred tax liabilities:
Deferred settlement	(6,031)		—		—
Operating lease ROU assets	(1,791)		(4,885)		—
Property, plant and equipment, net	—		—		(75,759)
Deferred tax liabilities, net	(7,822)		(4,885)		(75,759)
Total net deferred tax assets (liabilities)	$	—	$	—	$	(18,531)

Schedule of Valuation Allowance

The changes in the Company’s valuation allowance were as follows (in thousands):

	Year Ended December 31,
	2023		2022		2021
Beginning Balance	$	248,710	$	6,781	$	15,961
Change related to current net operating losses and impairments	(561)		241,892		20,680
Net change related to generation of tax attributes	—		—		(695)
Change related to deferred tax adjustments	(37,485)		37		(20,025)
Change related to prior period adjustments	8,851		—		(137)
Acquisition deferred tax liabilities	—		—		(9,003)
Ending Balance	$	219,515	$	248,710	$	6,781